Collars & Co. Episode 6 Update Shark Tank Season 14
Collars & Co. Episode 6 Update Shark Tank Season 14 Justin Baer, the founder of Collars & Co., appeared on Shark Tank Season 14 to pitch his innovative men’s fashion brand. The company offers a unique twist on traditional men’s shirts, combining the comfort of a polo with the polished look of a dress shirt…
Collars & Co. Episode 6 Update Shark Tank Season 14
Justin Baer, the founder of Collars & Co., appeared on Shark Tank Season 14 to pitch his innovative men’s fashion brand. The company offers a unique twist on traditional men’s shirts, combining the comfort of a polo with the polished look of a dress shirt collar.
Justin sought $300,000 for 4% equity in his company. Let’s dive into the pitch details and see how the sharks reacted before we bring you the Collars & Co. update.
What Is Collars & Co.?
Collars & Co. is a men’s apparel brand that offers polo shirts with dress collars, providing a polished look without the discomfort of layering. The brand’s shirts feature various collar styles, including Semi-Spread Collars, English Spread Collars, Button Down Collars, and Cutaway Collars.
The company also offers a range of other men’s fashion items, such as sweaters, underwear, belts, and accessories.
- Company Name: Collars & Co.
- Founder: Justin Baer
- Founded: March 2021
- Product: Polo shirts with dress collars
- Asked For: $300,000 for 4% equity
- Final Deal: $300,000 for 10% equity + $700,000 line of credit
- Shark: Mark Cuban and Peter Jones
- Episode (Shark Tank USA): S14 E6
- Air Date: November 11, 2022
- Business Status: In Business
- Website: Visit Website
- Headquarters: Bethesda, Maryland, United States
- Lifetime Worth (Sales): $14.2M (estimated)
Collars & Co. Before Shark Tank
Before appearing on Shark Tank, Collars & Co. was already making waves in the fashion industry. Justin launched the company in March 2021 and quickly gained traction through social media, particularly on TikTok.
A viral video featuring Justin’s seven-year-old daughter helped the company generate $40,000 in revenue in its first month. Despite facing supply chain challenges during the pandemic, Justin managed to grow the brand, leading to its appearance on Shark Tank.
Shark Tank Collars & Co. Update
In the first year of operation, Collars & Co. sold over 90,000 shirts, generating more than $5 million in revenue. This impressive financial performance caught the sharks’ attention, but with only 4% equity on offer, they questioned the valuation and whether the deal was worth their investment.
The Shark Tank Pitch
Justin explained that Collars & Co. specializes in high-quality polo shirts with a stiff dress collar, eliminating the need for layering with a full dress shirt under a sweater or jacket. Each shirt costs about $20 to produce and retails for up to $70. The business operates on a direct-to-consumer model, allowing for a 20% profit margin on sales.
However, the offer of 4% equity left the sharks skeptical. Daymond John was the first to opt out, citing his dislike for the style and the low equity offer. Lori Greiner quickly followed, stating she wasn’t the right investor for the brand.
Kevin O’Leary made an offer of $300,000 for 10% equity, but Justin declined, preferring to stick to his original ask. Peter Jones, a guest shark, matched Kevin’s offer but was also turned down.
In a surprise twist, Mark Cuban teamed up with Peter Jones to offer $300,000 for 10% equity plus a $700,000 line of credit. After some negotiation, Justin accepted their offer, giving up more equity than he initially planned but gaining valuable partners and resources for future growth.
What Happened To Collars & Co. After Shark Tank?
After the Shark Tank episode aired, Collars & Co. experienced a surge in sales and brand awareness. The company’s revenue doubled, and the brand expanded its product line to include new items like outerwear. The partnership with Mark Cuban and Peter Jones has provided the company with valuable mentorship and resources to scale further.
In December 2022, Mark Cuban even wore a Collars & Co. shirt during an interview with Complex, further boosting the brand’s visibility. The company also moved to a 20,000 sq. ft. warehouse to accommodate its growing business and launched a women’s clothing line, which sold out within a week.
How Much Is Collars & Co. Worth?
As of April 2024, Collars & Co. is estimated to be worth $10 million. The brand’s focus on providing high-quality, comfortable, and stylish men’s apparel has resonated with consumers, leading to impressive sales and growth.
Is Collars & Co. Still In Business?
Yes, Collars & Co. is still in business and continues to expand its product offerings and market reach. The company’s success on Shark Tank has solidified its position in the men’s fashion industry, and with the support of Mark Cuban and Peter Jones, Collars & Co. is well on its way to becoming a household name.
